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"We believe closing stores will also allow us to adjust our business to effectively compete against the growing threat of online retailers," said Marvin R. Ellison, chairman and CEO of JCPenney in a statement last month. "Maintaining a large store base gives us a competitive advantage in the evolving retail landscape since our physical stores are a destination for personalized beauty offerings, a broad array of special sizes, affordable private brands and quality home goods and services."

Most of JC Penney's store closings will take place during the second quarter. Liquidations will begin April 17. Around 5,000 jobs will be affected by the closures.